First-time buyers more reliant on friends and family

Office for National Statistics data shows that first-time buyers are increasingly reliant on help from family and friends to get onto the housing ladder. Between April 2022 and March 2023, 36% of recent first-time buyers used gifts from family and friends to help buy a home, while 9% relied on inheritance. These rates far exceed these seen 20 years ago, when 20% of first-time buyers received financial support from family and friends and 3% relied on an inheritance. Data also shows Britons are purchasing their first home at 36, earning the greatest salary by 47 and are mortgage-free by 61. Meanwhile, the increase in private renting is greatest among those aged 35 to 54. In 2021, 21% of this group rented privately, compared with 14% in 2011. 

City AM (08/04/2024)   I (08/04/2024)